Precious metals dipping after failing to breakout above $1,760. The market has in my opinion bottomed and will likely challenge yesterday’s swing high just under $1,760. The 50 DMA comes in at $1,763.30 for June gold. A close above that level will encourage the bulls to add. Some inflationary US data would also support. I see the gold market establishing a “new” trading range between $1,785 and $1,825. Expect gold to hold support around $1,725.

Platinum also failed to breakout above $1,250 this week. Good support around $1,190 to $1,200 should hold. The next attempt to take out $1,250 should quickly lead to $1,275 and possibly $1,300.

I continue to be long term bullish precious metals. I’ve discussed my thoughts on inflation, money supply and rising yields on ten-year notes. I see rates moving much higher and that should also move gold much higher.